Ho-Ho-Kus July 28, 2010 THE VILLADOM TIMES III • Page 3 Council considers reassessment for local properties by Jennifer Crusco Ho-Ho-Kus officials are considering a reassessment of borough properties. Although no action has been taken at this time, officials have noted the overall decline in real estate prices over the past five years. “It is very much under consideration,” Ho-Ho-Kus Mayor Thomas Randall said of a potential reassessment. “For better or worse, we did our revaluation at the top of the market. Generally speaking, there has been a drop in values that has led us to look at a reassessment and the ramifications of potential tax appeals.” Randall added that Appraisal Systems, Inc., which was hired to carry out the most recent revaluation process, had done the job well, but the process was completed at what the mayor called an unusual time. During 2005, while Appraisal Systems was conducting home inspections for the revaluation process, many houses throughout the country were selling for more than the asking price. By the end of 2005, the market had stabilized, and real estate prices have declined in the last five years. While a revaluation is an extensive process that involves on-site inspections of most – if not all – borough properties, a reassessment can be carried out without inspections by instead using recent sales data. The reassessment process is less extensive, and less expensive, than a full revaluation. At the end of 2004, the State of New Jersey signed the contract to allow Appraisal Systems to conduct the revaluation of the borough’s private and commercial properties. The Ridgewood-based revaluation firm then filed information with the borough regarding the inspectors who would be going door-to-door. Before the last revaluation began, the borough council approved a $135,000 contract with Appraisal Systems to cover the completion of the state-ordered revaluation by October of 2005. The council also approved a $200,000 special emergency appropriation for that revaluation, which included additional costs associated with the process. The borough began to use the new assessed values in 2006. Revaluations and reassessments ensure that taxes are uniform throughout the borough, and help keep assessed values in line with market values. The New Jersey Division of Taxation evaluates three criteria in issuing revaluation orders: time, ratio, and coefficient. Time refers to whether a municipality has had a revaluation or a reassessment within the last 10 years. Prior to the 2005 revaluation, the borough had undergone a reassessment in the mid-1990s. Ratio refers to the difference between the sale price of a home and its market value. In most cases, the state is concerned with ratios of less than 85 percent, which indicate the housing market is too far ahead of the true value of a property. According to the state, coefficient, the difference between the average ratio and an individual ratio, should not show deviation of over 12 percent. Borough creates new watering areas In an effort to ease water restrictions, Ho-Ho-Kus officials last week divided the municipality into three watering areas. Traditionally, the borough is divided into two watering areas on an annual basis; however, the additional zone has been added to further spread out local water use. Residents of each area will be permitted to use sprinkler systems two days each week. Area 1 is located west of West Saddle River Road and south of Hollywood A map indicating the borough’s three new watering areas. Avenue. Residents in Area Area 3 includes properties east of West Saddle River 1 may use sprinklers on Thursday and Sunday. Area 2 is located west of West Saddle River Road and Road. Residents in this area may use sprinklers on Tuesday north of Hollywood Avenue. Sprinkler days in this zone and Friday. (continued on page 8) will be Wednesday and Saturday. $ummer $izzler $ale! Summer Sizzler Coupons $ $ SN/TJ 10+ 3.50 10+ $ .50 4 Colored Cedar Mulch Summer Sizzler Coupons 3 Imported Natural Cedar Mulch Summer Sizzler Coupons Bulk Top Soil Special Price .69 Reg. $4.49 3 Cu. Ft. Exp. 7/31 5-9 Yds...........$32.00 Per Yd. 10+ Yds..........$30.00 Per Yd. SN/TJ Free Delivery In North Jersey Exp. 7/31 SN/TJ 30 Summer Sizzler Coupons Perennials Regular Prices 1-2-3 Gallon % OFF BUD & BLOOM TREMENDOUS SELECTION Exp. 7/31 Summer Sizzler Coupons $ $ Red, Brown, Black Reg. $5.69 SN/TJ 4 .69 10+ 5.75 Hemlock Mulch 3 Cu. Ft. Exp. 7/31 $ SN/TJ 6 .00 Reg. 6.99 $ 3 Cu. Ft. Exp. 7/31 Bulk Dyed Hardwood Mulch Black, Brown, Red 5-9 Yds...........$31.50 Per Yd. 10+ Yds..........$30.00 Per Yd. SN/TJ Summer Sizzler Coupons Free Delivery In North Jersey Exp. 7/31 Cash • Check Visa • Mastercard 800 Wyckoff Ave. Mahwah, NJ • Call (201) 847-8999 Delivery, Planting & Gift Certificates Available! HOURS: Mon.-Sun. 8am-6pm Sun. 9am-5pm